When I looked into whether or not Bitcoin miners would all start operating at a loss in the future, I read that the complexity of the math problems that miners solve will decrease once miners start going offline.
The article I read said that feature was built into the blockchain to prepare for bear markets like this @beunconstrained.
In regards to Steem, you did mention that YouTube's recommendations was their 'secret sauce' but you never implied that Steem-based apps could fix their major content issues by implimenting similar recommendations.
@steeveapp is already doing this and I have found good authors through their service.
Thanks for sharing this @beunconstrained I watched the whole video.
So it will become more profitable for the miners that remain once some of the big mining operations go offline, but Bitcoin cash might take a serious hit.
RE: BCH. I never had any faith in it. When I discovered the truth behind ASICBoost and how Bitmain had been gaming the system so that they would get blocks before everyone else, I knew that the industry had to leave Bitmain big time. The fact is when you get a massive upswell in money coming in as we saw in 2017, greed and illegal/unethical practices take place to steal as much of the gold as they can. This has happened since the dawn of time, but with technology so much of this can be hidden from plain sight. The implementation of SegWit with Bitcoin was not only a sorely needed upgrade that would reduce mining fees and exchange fees dramatically, but also something all the exchanges didn't want. But eventually they had to cave. When it came to mining, the fact that Segwit implemented code that would bypass ASICBoost meant that Bitmain were left to play fair in the mining world again. They looked for other ways to regain their power, and one way was to buddy up with Roger Ver and pump a fork in Bitcoin. The truth is that Segwit and Lightning Network would remove the need for a fork, but at the same time, remove the advantages Bitmain would have. It seems that Roger Ver decided to do a deal with the devil here, and BCH was born. It was unnecessary and his efforts would have served the community better if he had pushed Segwit adoption by exchanges earlier, but he wanted bigger blocks. They got it, but I think the crypto community may have been smelling a rat all the time. So BCH.... It was dead to me when it first came out, and it is still dead to me. They have even tried to resurrect it with the new ABC and SV versions, but again they are being pimped by those in the community that don't have a long standing level of trust and you can't do business without trust. So BCH.... Not for me.
I think that there was a massive call to make money from no human labor effort (a practice I am 100% agreeing with), but using the fast changing world of technology to do it. What most tech people forget is that if you think that you can invest in a technology and not have to immediately look for the next thing when you release your product or service, then you are in the wrong business. Such is the case with crypto miners. They knew the math and they knew the risks, and many extended themselves way too far, to the point that they could not survive a bear market.
It is the old story of those that "haven't been around the block" have to learn the hard way that markets go up and markets go down. The real players are those that can make it through the down markets.
Thanks @beunconstrained and I agree with you about the real players being able to make it through the down markets.
I didn't buy any Steem at any of the all-time highs and I'm scattering my purchases over the course of at least a year to Dollar Cost Average at an amount that I am comfortable with.
Hopefully that is enough to get a really good position in Steem and do well throughout the bear market and afterwards.
I know it's possible that Steem will never go back up but I generally love using Steem-based apps so I have a different outlook than you because of that.
P.S. I appreciate the videos you are forwarding and will probably watch it during the day tomorrow.
I just tried @steeveapp. I must admit that it is an improvement to vanilla Steemit or Steemconnect, but the recommendations are pretty poor for me. Maybe it learns more as I use it, but at this point although it does help, it doesn't remove the low grade posting quality from my life. And since I don't have the time to sit down and read through posts on it for more than 15 minutes a day, I really need something like this to permeate into d.Tube for me. But it might be early days yet, so I'm not going to write it off - I will, however, stick by my criticism in that I think the level of problems here outweighs the benefits at this time. If that is to change, I'll reconsider my time investment here, but at this point I'm not yet feeling the optimism. As I said, that may change in the future, and I do pivot on these things given the appropriate evidence.
Posted using Steeve, an AI-powered Steem interface
Yeah @steeveapp still isn't seamless either. It works well on my Android phone but not so well on my iPhone.
I personally enjoy @steemit and @steeveapp more than Facebook and YouTube but I expect things to improve in the future.
I never really watched YouTube videos and I don't really enjoy Facebook that much.